"You play out the season of course; I will consider it," James told The (Cleveland) Plain Dealer on Saturday. "The direction we are headed is everything I expected and more."
James, under contract for two more seasons, can hit the free-agent market in July 2010. There has long been speculation James will eventually end up in one of the NBA's larger markets — particularly with the New York Knicks.
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The Cavaliers have the second-best record in the NBA at 22-4.
"I definitely want to keep an open mind, I will look at everything," James said. "(The extension) is a good point. I think me and my group have pretty much made good decisions so far and we'll look at the options and go from there."
James signed a three-year, $43 million deal with the Cavaliers in 2006. The deal includes a player option for 2010-11 worth $17.4 million.